Things have changed for a lot of families since we are in an economic crisis. People are slow about buying homes nowadays because of the recession. Jobs aren’t a guarantee as they were before, family members are moving in with their relatives to survive. Many people are renting or leasing instead of buying right now because of fear of being foreclosed on.
Believe it or not; it may be your best option for now, until you can get back on your feet. Here are some of the things you can do if you find yourself in a financial hardship: If you have an extra room, take in a tenant, but do your background check first, unless it’s a relative. Second: if you have missed at least 3 payments on your mortgage; you can try a loan modification, this will help lower your payments and if you have an adjustable rate mortgage-it can be changed to a fixed-rate mortgage. It can also stall foreclosure proceedings.
As for investors; it is the perfect time to invest. Interest rates at 45-year lows, and grants from the government to purchase property-is available. Consult with a real estate agent to find the best opportunity and deals in the market today. In some North Shore communities, sales are up over 100% compared to last year. Even though the markets are down and the prices are lower; you still need to do your research.
When making a decision whether to lease or buy a house; evaluate your financial situation, your job, the commute to work, and the neighborhood. These are just a few things that has help me and my family to survive in this recession.